Tianjin submits plan to build free trade zone

The Tianjin municipal government submitted a plan to set up a free trade zone, and the plan may be approved by the State Council in a month, 21 Century Business Herald reported on Tuesday.

The free trade zone will be built on the eastern coast of the North China port city in an area reclaimed by sea filling of about 40 square kilometers.

Construction, costing up to 6 million yuan ($978,000), will be finished in five years.

The State Council is expected to approve free trade pilots in a batch of cities, including Tianjin, following its decision last week to make Shanghai the first.

Last Wednesday, the State Council approved a free trade zone in Shanghai, which will cover 28 sq km and offer world-class transportation and communication facilities in a tax-free environment.